BYLD vs. USHY
BYLD (iShares Yield Optimized Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, BYLD returned 1.80%/yr vs 4.04%/yr for USHY. Their 0.60 correlation means they have sometimes moved together and sometimes differently. BYLD charges 0.17%/yr vs 0.15%/yr for USHY.
Performance
BYLD vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, BYLD achieves a 0.51% return, which is significantly lower than USHY's 1.77% return.
BYLD
- 1D
- -0.18%
- 1M
- -1.20%
- 6M
- -0.09%
- YTD
- 0.51%
- 1Y
- 3.72%
- 3Y*
- 6.00%
- 5Y*
- 1.80%
- 10Y*
- 2.79%
- ALL TIME*
- 2.86%
USHY
- 1D
- -0.03%
- 1M
- -0.30%
- 6M
- 1.11%
- YTD
- 1.77%
- 1Y
- 5.32%
- 3Y*
- 8.46%
- 5Y*
- 4.04%
- 10Y*
- —
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $970.44K | $1.44M | $2.66M | |
| $442.06M | $387.27M | $388.84M |
BYLD vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 0.51% | 8.41% | 4.17% | 8.30% | -10.33% | -1.25% | 4.25% | 12.79% | -1.50% | 0.53% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.77% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between BYLD and USHY is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.60 |
The correlation between BYLD and USHY shifts across timeframes, from 0.60 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BYLD vs. USHY — Risk / Return Rank
BYLD
USHY
BYLD vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Yield Optimized Bond ETF (BYLD) and iShares Broad USD High Yield Corporate Bond ETF (USHY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BYLD | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 2.20 | -0.64 |
| Martin ratioReturn relative to average drawdown | 5.90 | 9.66 | -3.76 |
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Drawdowns
BYLD vs. USHY - Drawdown Comparison
The maximum BYLD drawdown since its inception was -14.75%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for BYLD and USHY.
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Drawdown Indicators
| BYLD | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.75% | -22.44% | +7.69% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | -2.43% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -4.66% | +1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -14.65% | -15.56% | +0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -14.75% | — | — |
Current DrawdownCurrent decline from peak | -1.37% | -0.49% | -0.88% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -2.62% | +0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.55% | +0.16% |
Volatility
BYLD vs. USHY - Volatility Comparison
iShares Yield Optimized Bond ETF (BYLD) has a higher volatility of 0.87% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.77%. This indicates that BYLD's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BYLD | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.87% | 0.77% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.09% | 3.02% | +0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 3.67% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.21% | 7.35% | -2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.42% | 8.18% | -2.76% |
BYLD vs. USHY - Expense Ratio Comparison
BYLD has a 0.17% expense ratio, which is higher than USHY's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BYLD vs. USHY - Dividend Comparison
BYLD's dividend yield for the trailing twelve months is around 5.42%, less than USHY's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.42% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.35% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
BYLD and USHY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BYLD has higher volatility (0.87%) compared to USHY (0.77%). In terms of maximum drawdown, BYLD dropped -14.75% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.04% vs 1.80% for BYLD. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.04% return vs 1.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.17% for BYLD.
USHY has the higher dividend yield at 6.35%, compared with 5.42% for BYLD.
BYLD is categorized as Intermediate Core-Plus Bond, while USHY is High Yield Bonds. BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index, while USHY tracks ICE BofA US High Yield Constrained Index. Their fees differ too: 0.17% for BYLD and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.46 vs 1.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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